June 29th, 2009
Are Short-Term Loans a Scam?
Short-term loans are a fascinating topic — one I’ve spent a considerable amount of time researching. People constantly ask me, in one way or another, “Are short term loans a scam?”
That’s like asking if “Are used cars a scam?” It depends on the car — it depends on the car salesman.
The same goes for short-term loans and “payday” loans. It depends on the loan, the situation and how much it costs. It’s a loan, just like any other loan, and should be individually analyzed and considered.
So don’t listen to those who use the logical fallacy of hasty generalization to lump all short-term loans together — that just doesn’t make sense.
